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Steyer Deducted $181 Million for SALT: Campaign Update

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relates to Steyer Deducted $181 Million for SALT: Campaign Update

Source: Bloomberg

Updated on

Billionaire Tom Steyer wrote off the $181 million he paid in state and local taxes over nine years, according to tax returns released by his presidential campaign Thursday.

His income totaled $1.2 billion from 2009 through 2017, and SALT was his single biggest deduction in all nine years. His total income was $146.3 million in 2017, when he claimed a $26.9 million write-off for state and local taxes. His campaign said he’d release his 2018 return when it was available, but he may have paid far more in federal taxes as the Republican-controlled Congress has capped the SALT deduction at $10,000.